1-TomTom beats forecasts as runners, cyclists snap up GPS gadgets

Oct 30 (Reuters) – TomTom, Europe’s largest maker of navigation devices, beat forecasts for third-quarter profit and raised its 2013 earnings guidance, citing strong demand for new gadgets such as GPS sports watches used by runners and cyclists.

TomTom shares rose more than 5 percent to 6.249 euros, their highest since early 2011.

The company now sees full-year revenue at the top end of the 900 million to 950 million euros range, and expects adjusted earnings per share of around 0.25 euro given that it met its previous forecast of 0.20 euro in the first nine months.

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